If Mr Biden’s plans went into effect, the government would spend nearly a quarter of the country’s total economic output each year for the next decade. It would generate tax revenues of just under a fifth of the economy as a whole.
In each year of Mr Biden’s budget, the government spent more than part of the economy than any but two years since World War II: 2020 and 2021, which were marked by trillions of dollars in federal spending to help people and businesses, too pass the pandemic-induced recession. By 2028, when Mr Biden could end a second term, the government would be collecting more tax revenue as part of the economy than almost any other point in the last century; The only other comparable period was the end of President Bill Clinton’s second term, when the economy roared and the budget was in surplus.
The records indicate that Mr. Biden will not use his budget to propose any important additional guidelines or develop plans that the administration has not yet detailed. For example, Mr. Biden promised to revise and improve the country’s unemployment insurance system under the American Families Plan, but such efforts are not included in his budget.
Administrative officials said the budget reflects the policies Mr Biden has placed on Congress this year and does not preclude future initiatives not included in this request.
Nor does Mr. Biden’s expense claims include money for what is known as a public health care option, which would allow Americans to opt for public health insurance such as Medicare instead of private. But Mr Biden will urge Congress to create such a public option as part of its budget proposal, a document received from The Times shows.
Mr. Biden will also express his support for Congress, which allows Americans 60 and older to enroll in Medicare, and for Congress’s efforts to reduce federal spending on prescription drugs, including the ability for Medicare to price with drug companies negotiate as the document shows. It supports an expansion of Medicare to include dental, visual and hearing services. These efforts were a top priority for Senator Bernie Sanders, regardless of Vermont, the chairman of the Budget Committee. They are presented as goals in the budget, but are not included in the proposed spending.
A White House budget bureau spokesman declined to comment on Thursday.
Administration officials in Washington on Friday will detail the entire budget, which will be hundreds of pages. On Thursday, Mr. Biden will address the Cleveland economy.
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